About the Mortgage Loan Process
There is no doubt that getting a mortgage loan is a complex process. You wouldn't be visiting our website if it were possible to fill out a simple loan application and get the best loan check cut in one day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four important steps involved in getting a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: complete a pre-qualification
This is where the process really begins and 1st Credential Mortgage Inc can really save you money. You will provide info about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new house with your real estate agent, we find the best program for you.
After you've made the offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your date of closing. Because you will not have to worry with this coordination, you can concentrate on the move, if you're going to repaint, new carpet, and the fun parts of getting your new house.
You've answered a few questions, given us lots of information, applied online, and before you know it, you're deciding when to move in! 1st Credential Mortgage Inc is in the business of mortgage loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call 1st Credential Mortgage Inc at (281) 778-0805. It's our job to answer lending questions, so we're happy to help!